B&D’s Brad Noyes was recently featured in an article on the B2B real estate platform, Bisnow, discussing new trends and challenges in the real estate market amidst a number of college campus closures. Read an excerpt below and check out the full article here.
Declining enrollment and financial hardships are forcing hundreds of college campuses across the country to close, leaving large properties vacant in some of the nation’s most desirable real estate markets. But while those closures open up opportunities for redevelopment, the real estate world is struggling to get a grasp on how those properties can be effectively utilized.
“It’s been challenging for the real estate profession to engage with that dynamic,” said Brad Noyes, head of the higher education practice group at advisory firm Brailsford & Dunlavey. “Much of it is purpose-built real estate … some of that real estate is really valuable for alternative uses, and some of it is not.”